Coffee with Craig Show – daily CRE news covering the CEE region, Wednesday, September 28, with Winston Norman, Editor and Chief of EuropaProperty.com.
Echo Investment ready for new “destination” projects
Echo Investment has released its financial results for the first half of 2022. The developer continues to enjoy a stable financial standing. The strong position of the company allows it to search for new acquisition opportunities and an even larger scale of operations.
The net profit attributable to equity holders of the Group for the first half of 2022 amounted to PLN 62 million and was over 30 percent higher than in the corresponding period of 2021. The value of Echo’s assets at the end of this period amounted to over PLN 6.7 billion.
“The net debt to asset ratio has decreased to c.a. 30 percent from 42 percent noted a year ago. We are well-prepared for more challenging times on the market,” says Maciej Drozd, CFO of Echo Investment.
“Recent months have brought significant changes to the residential market, but the diversification of our Group allows us to flexibly respond to the changing needs of our clients,” says Nicklas Lindberg, CEO of Echo Investment.
The first half of 2022 was marked by the sale of office buildings. MidPoint71 and West 4 Business Hub I in Wrocław and three buildings of Łódź-based Fuzja found new owners. The total value of the transactions amounted to €205 million. The company is working on further transactions that should soon turn into signed sales contracts.
S Immo’s concrete sustainability efforts are paying off
S IMMO received both the Bronze Award and the Most Improved Award for its non-financial reporting in the 2021 Annual Report at the EPRA sBPR Awards 2022. In addition, the real estate company recently presented a comprehensive ESG strategy.
The increasing professionalisation and greater commitment of S IMMO with regard to ESG are bearing further fruit. The Sustainability Awards, which have been presented annually by the European Real Estate Association (EPRA) since 2012, pursue the goal of greater transparency in non-financial reporting in the real estate sector. S IMMO’s double award at the EPRA sBPR Awards 2022 once again demonstrates and rewards the clear approach to which the company is committed as well as the transparent design of its non-financial communication.
Herwig Teufelsdorfer, Member of the Management Board of S IMMO AG, commented “With this ESG strategy, S IMMO has reached an important milestone on the way to becoming an ESG-compliant company. We have defined our roadmap with the respective milestones in the areas of environment, social and governance, which we will now work towards together as a company and with great determination.”
P3 extends lease agreements for over 94,400 sqm in Poznan
P3 Logistic Parks, a long-term investor and developer of high-quality European warehouse facilities, has signed lease extensions with its existing tenants in P3 Poznań park. Companies which have decided to stay in Poznań are Westwing, PF Logo Express, CEVA Logistics, and British American Tobacco.
Magda Twarowska, Head of Leasing at P3 Logistic Parks, commented: “For years, Poznań has been one of the most sought-after locations on the ‘warehouse map’ of Poland. Thanks to its excellent location, proximity to well-developed infrastructure and access to qualified staff, it enjoys enormous, unflagging interest.”
P3 Poznań park is one of the largest logistic parks in western Poland. It is located south of Poznań, close to the S11 dual carriageway which connects to the A2 motorway. The motorway provides connections eastwards to Warsaw and westwards to Berlin. The list of the Park’s tenants features companies such as Westwing, Zaparoh, Clipper Logistics, and Colian Logistics.
New stores to open at GOBUDA Mall in Budapest
Major international retailers will be coming to the shopping centre this autumn. The centre has been refurbished and developed by the Hungarian company Wing.
GOBUDA Mall shopping centre, located in northern Buda and refurbished as part of a Wing development project, opened to the public this spring.
A new anchor tenant, the LPP Group, will open a large outlet on the first floor in late autumn. The Polish clothing company will bring two brands to the mall, occupying about 1000 sqm of floor space. The two major fashion brands are Mohito, which sells women’s clothing and accessories, and House, which is popular among young consumers.
The renovation has transformed GOBUDA Mall into a modern shopping centre with a leasable area of 25,000 sqm. It has space for around 100 stores and a service function.
